Some people don't like Ethanol because it did effect older fuel systems that were not meant to see alcohol in any form
And yes Ethanol does absorb water which is a good thing since all gasoline will have water mixed in and if not absorbed by ethanol it will settle to the bottom of tank/container
If you store your gasoline in an OPEN container then it's combustible hydro-carbons will evaporate leaving you with a poor combustion fuel
So most store fuel in a closed container(or sealed gas tank) and water absorption(from humid air) by the ethanol is not an issue
Ethanol has an Octane rating of 113
Octane is a heat rating, it tells you the self ignition point of a fuel
Most gasoline engines run at least 9.0:1 compression ratio, compression is heat
So 87 octane is about the minimum heat rating that can be used without pinging/knocking(self ignition of fuel)
If you combine 10% ethanol with 90% 85 octane gasoline you get an 87 octane mix
If you combine 10% ethanol with 90% 91 octane gasoline you get an 93 octane mix
In colder climates the water that's in ALL gasoline will freeze at -32degF(0degC) and that can block fuel systems, so winter mix fuel will have ethanol mixed in to bond with the water to lower its freezing point
There is no downside to ethanol/gasoline mix UNLESS you have a older fuel system
Same as unleaded fuel in an engine that was made to use leaded fuel, pre-1960s engines had softer valve seats and needed the lead in the gasoline to keep the seats from deteriorating so people use a lead additive in the gas tank
But engines made after mid-1960s had the hardened valve seats so can run unleaded fuel without issues, but would still not like the ethanol because it corrodes fuel system parts not designed for contact with ethanol
Vehicles/engines made after 1980 should be fine with ethanol/gasoline mix